Greece Debt Crisis : ECB Tightens Screws On Greek Banks ~ THE 5TH ESTATE ASIA

Tuesday, July 07, 2015

Greece Debt Crisis : ECB Tightens Screws On Greek Banks

Tuesday, July 07, 2015

Like mafia loan shark knee-breakers, EU banksters threaten Greeks; this time it is they that are committing suicide as stock market continues to tank and investors pull out of dying Euro - CNN propagandists double-down on lies, broadcasting taunts and slanders to international audience: Greece should ban CNN and their frauds and shills from the country or failing that simply refuse to talk to them

THE GUARDIAN
By Graeme Wearden

07/07/2015

Italy’s finance minister has suggested that the eurozone is willing to consider a new aid programme for Greece.

Pier Carlo Padoan told Canale 5 television: “The 18 (other countries in the euro) are open to re-considering a Greek request which can only be a request for a new programme, not a continuation of the old one.” Greek banks will remain closed on Tuesday and Wednesday with limits on daily withdrawals unchanged, officials said on Monday as the European Central Bank maintained its liquidity assistance to the nation’s beleaguered lenders.

“Until Wednesday evening we continue as things stand today,” said Louka Katseli, chairwoman of the National Bank of Greece.

Speaking on behalf of the association of Greek banks, she added: “If there is a decision by the European Central Bank in the meantime enabling us to modify this decision, there will be a new decision.”

By continuing to allow Lagarde, Merkel and the bank criminals to threaten and libel Greece with the help of CNN and other MSM frauds the rest of the Eurozone members will fall with the stock markets and dying Euro

The European Central Bank’s governing council decided to maintain the emergency liquidity assistance keeping Greek banks afloat at the level set on June 26, the Frankfurt-based bank said in a statement.

But the ECB said it had also “adjusted” the collateral demanded from Greek banks in return for the assistance.

“The financial situation of the Hellenic Republic has an impact on Greek banks since the collateral they use in ELA relies to a significant extent on government-linked assets.

“In this context, the governing council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA,” the ECB added, without specifying the level.

Capital controls were enacted on June 28, limiting ATM withdrawals by Greeks to €60 per account daily after a referendum on bailout terms sparked a run on deposits.

The Bank of Greece had requested an increase in emergency liquidity assistance (ELA) and that request was the subject of the ECB meeting, held a day after 61% of Greeks voted against further austerity measures in Sunday’s plebiscite.

ELA is currently the only source of financing for Greek banks, and therefore the Greek economy. But with Greece’s bailout programme now officially expired and in the absence of any new programme, the conditions for its continuation are no longer met.

CNN fraud, EU bankster shill and apologist Max Foster said yesterday that " Greece has lied from the beginning about their debt levels…"

But analysts believe the ECB will not want to be the one to pull the plug on Greece and force the country out of the single currency.Yanis Varoufakis was mobbed by reporters after resigning as Greece’s finance minister this morning.

Two members of the ECB’s governing council pushed for Greece’s banking sector to be hit with even tougher measures, according to Claire Jones of the Financial Times.

CNN financial hack Nina Dos Santos spews pro-banker propaganda, hilariously claiming that EU stock markets "shrugged off" Greek vote even as market board in backdrop shows solid red and dropping: CNN needs to be sued en-masse by investors for assets lost due to their pro-Euro propaganda lies and shilling for banker criminals, IMF terrorists

She writes: The ECB refused to disclose the size of the new haircuts, but all four of Greece’s main banks are thought still to have enough collateral available to roll over their emergency loans.

Two people on the governing council objected to the decision, according to Eurosystem sources. Both of the objectors wanted the ECB to take stronger measures.

That implies either an even higher haircut (putting Greek banks in greater peril), lowering the ELA cap, or terminating ELA off (which would be game over for Greek banks).

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